US Treasury Ends Sanctions Waivers for Iranian and Russian Oil Shipments

U.S. Treasury Secretary Scott Bessent stated on April 24, 2026. ' He added that the parallel waiver for Russian oil and petroleum products will be allowed to end. 'We will not be renewing the general license on Russian oil, and we will not be renewing the general license on Iranian oil,' Bessent said.

The general licenses covered oil that was on the water prior to March 11, 2026. So all that has been used,' he stated. U.S. , a Chinese plant that can process roughly 400,000 barrels a day.

Treasury said. The OFAC also sanctioned approximately 40 shipping companies and tankers connected to Iran’s shadow fleet on the same day. The sanctions action was executed under Executive Order 13902 and President Donald Trump’s National Security Presidential Memorandum 2.

'Treasury will continue to constrict the network of vessels, intermediaries and buyers Iran relies on to move its oil to global markets,' Bessent said in the Treasury statement. U.S. efforts to pressure Iran's oil sector.

Bessent disclosed on April 25, 2026, the seizure of about $344 million in cryptocurrency held in crypto wallets tied to Tehran. 'We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,' Bessent said.

Blockchain analysts tied some of the cryptocurrency wallets to the Central Bank of Iran and to Iranian cryptocurrency exchanges.

Earlier in the week of April 27, 2026, Bessent predicted that Iran’s oil sector was close to collapse. He said Kharg Island, the terminal that handles nearly 90 percent of Iran’s crude exports, would run out of storage in a matter of days. 'Constraining Iran’s maritime trade directly targets the regime’s primary revenue lifelines,' Bessent said.

On April 23, 2026, Bessent said the maritime oil waivers covering both countries had been quietly extended for another 30 days. OFAC General License 134B was issued on April 17, 2026, authorizing wind-down transactions involving Russian crude and petroleum products put on vessels by that date, set to expire on May 16, 2026. –Israeli war with Iran led to the closure of the Strait of Hormuz.